Vancouver-based Vertical Insurance Group has announced that it has acquired the majority interest in Axis Insurance Managers, a brokerage with offices in Vancouver and Kelowna.

The Vertical Group’s president, Alex Meier, will take up the role of president at Axis following the purchase, which will expand the Group’s offering in the Canadian market, it said.

Meier described the move as a “strategic acquisition”, adding that it will enhance capabilities among the companies owned by Vertical, and will help strengthen the Group’s offering to clients as well as its partnerships with insurers.

Vertical, which also owns Shaw Sabey, Metrix, Core, Magnes, LMG and other retail insurance brokerage businesses, said it will maintain Axis’s standing relationships among the markets, and will “reach out” in due course to discuss the effects of the acquisition.

Most of the Axis employee partners will continue as shareholders after the purchase, the Group said in a statement.

“There is an excellent alignment of values and goals between our organizations. We feel this change will result in positive benefits for our stakeholders,” Meier said.

Brad Shantz, CEO at Vertical Group, said the company was excited to welcome an “extremely high quality brokerage business with a great team” to the Vertical family, adding that the Group plans to further Axis’s work to expand its franchise.

“The strength of the team depends on the individual players,” said Victor Montagliani, senior vice president at Vertical Group. “The members we’re adding to our team share a strong dedication to our core values that have made the Vertical Group so successful.”